Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. Which of the following topics needs to be discussed with this client? The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? Maria the agent would like to advertise an annuity product on a highway billboard. Whichtype of life insurance is normally associated with a payor benefit rider? This illustration MUST disclose that. Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) Which of the following is NOT required in an order from the Commissioner? A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT, An insurance consultant is BEST defines as a. Mikehas inherited his fathers traditional IRA. CashandcashequivalentsAccountsreceivableInventoryTotalcurrentassetsProperty,plant,andequipmentLessaccumulateddepreciationNetproperty,plant,andequipmentTotalassetsAccountspayableIncometaxespayableBondspayableCommonstockRatainedearningsTotalliabilitiesandstockholdersequityEndingBalance$48,00041,00055,000144,000150,00050,000100,000$244,000$32,00025,00060,00070,00057,000$244,000BeginningBalance$57,00044,00050,000151,000140,00035,000105,000$256,000$57,00028,00050,00060,00061,000$256,000. In the advertising of Individual Life Insurance policies, an "introductory" or "special enrollment" may not be made available until any previous enrollment period for the same policy has been closed for at least how long? Which of these describes the change that will take place?A) Coordination of benefitsB) ConversionC) Extension of benefitsD) Rollover, Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured.A) policyB) certificateC) applicationD) rider. Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. Which of the following is a reinstatement condition? b. Producing an inadequate amount of new premium. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. a. Oneor more diagnostic, preventive, therapeutic, rehabilitative, maintenance orpersonal care services in a setting other than an acute care unit of ahospital. Her agent submitted the information to the insurance company on April 6. How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? Net death benefit will be reduced if the loan is not repaid. Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond. The coverage, condition, and limitations in the master policy of a group contract can be found in which document? Pre-existing conditions may only be excludes from coverage for a maximum of 6 months, The reinstatement provision in a health insurance policy is, The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called, Naming a contingent beneficiary as "all surviving children" is describing by which term, The entire contract includes the actual policy and the. Julie has a $100,000 30-year mortgage on her new home. National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: info@nmpf.org Our Future You series provides a range of topical advice and guidance via webinars and podcasts. b. Pat the client interest on any monies held. It is administrated by the federal government, C. It is funded by federal, state, and local taxes. Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? Which of the following is the likely result? Howdo interest earnings accumulate in a deferred annuity? With a past due premium of $100, the insurer pays $400. This rider is called a(n). . is one of the oldest and best known of all Barbadian funeral establishments. ashlyn 72" ladder bookcase / la montagne jean ferrat partition piano pdf / a producers secretary who solicits prospects on the telephone. Therole of the federal government was expanded when Medicaid was establish byallowing the state to, A. Froma large PPO on a statewide level, B. Purchasehealth insurance from the federal government, C. Receivematching funds to expand public assistance programs, D. Deferall costs to the federal government for public assistance program, Anaccident and Health policy that Provides reimbursement benefits makes them payable to the, Paulis an employee who caught a disease unique to the trade in which he was exposedto. When initial premium is collected and policy is issued. When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? Duringthe accumulation period, who can surrender an annuity? The two plans are fee-for-service and. Which of these statements is true? Benefits provided by a Medicare Supplement policy must NOT, Funding for Medicare Part B is partially provided by. Which course of action must be taken by the Commissioner? \text{Total assets} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ Must be bonded through the state. D. The face amount and premium will remain constantover the 10-year period. Policyowners from misrepresentations and loss of benefits, Replacement regulation is designed to protect, A producer must notify the Commissioner within _____ days of a felony conviction, Dependent children under a health insurance plan must be provided coverage up to age, written authorization from the proposed insured, Prior to conducting an HIV-related test, the insurer must obtain, An insurance producer agrees to pay the first monthly premium for an insurance applicant. Mark continues working after the age of 65 and is covered through his employer's group health plan. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? A domestic insurance company in Maryland MUST, Collecting premiums and paying them to the insurance company. This is an unlawful practice known as, must be delivered with or prior to policy delivery. What is this an example of? Which rider would pay a monthly amount because of this disability? The law that established insurance transactions regulated by the states is called. 1. licensed producers not appointed by an insurer. PartA Hospital expense coverage provided under Medicare is automatically madeavailable to each of the following EXCEPT, A. A50-year-old individual who has qualified for SSDI in the last 24 months, B. A70-year-old NOT Eligible for Social Security, C. A55-year-old suffering from kidney failure. When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. Which of the following is Medicare Part B also known as? 59 and owned account for a minimum of 5 years, C. 70 and owned account for a minimum of 10 years, D. 70 and owned account for a minimum of 5 years, A. Cancelingdisability policy to buy a term life policy, B. Cancelinga term life policy to buy a whole life policy, C. Cancelinga long-term care policy to buy a whole life policy, D. Cancelinga whole life policy to buy a major medical policy. Which entity is responsible for processing insurance advertising in New Jersey? Reggie purchased a life insurance policy with a face amount of $500,000. What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Which of the following is NOT information found in a life insurance buyer's guide? Inwhich of the following situations would the insurer be liable for a loss? Tarathe producer is delivering a specified disease insurance policy to a new policyowner. Collecting a chargefor insurance that is less than the charge applicable to that insurance. If he files an application for renewal before the expiration date, his license will, A Medicare Supplement policy can be cancelled by the insurer for, Recording the receipt and distribution of premiums due to an insurer is considered a producer's _________ responsibility. {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Insurance\/Healt Agent Exam","payreferer_url":"\/flashcards\/copy\/insurance-healt-agent-exam--11456962","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. When is an existing health insurance policy required to provide coverage for a new born child? Whichphase is this annuity in? The replacing policy may only impose a ____ month time exclusion for pre-existing conditions, forward premiums to the insurer on a timely basis, When collecting insurance premiums from a client, a producer MUST, Once a health insurance policy has been in force for _______ years, the policy may NOT be contested by the insurer, cancelling a term life policy to buy a whole life policy, All of these types of benefits may be covered by a nonprofit health service plan EXCEPT, have it's content approved by the commissioner. \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies? Whichof the following is Medicare Part B also known as? A producer's secretary who solicits prospects on the telephone Must be licensed as a producer Which of the following is a requirement for ANY change in an insurance application? If Jay were to receive a fee for this advice (in addition to his commission), he MUST, Obtain a signed memorandum from the prospect acknowledging the amount of compensation. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? Maria would like an annuity that provides a guaranteed accumulation or payout. A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. a. Mustmeet certain underwriting guidelines. 5511. Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? How to take legal action against an insurance company. B. Collectinga charge for insurance that is less than the charge applicable to thatinsurance, C. Misappropriateor unreasonably withhold premiums or returned premiums. Pierre the producer receives a premium for an individual health insurance policy. & \text{Ending}& \text{Beginning} & \\ All of these are valid options for an Adjustable Life Policy EXCEPT, A nonforfeiture option can be used to increase the death benefit. B.Change must be initialed by the applicant. a producers secretary who solicits prospects on the telephone. \text{Total current assets} & \underline{\hspace{8pt}144,000} & \underline{\hspace{8pt}151,000} \\ c. Solve the equation f(x)=0, if possible. Which of the following statements is CORRECT regarding an individual applying for life or health insurance? Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? The entity which issues the certificate of authority is the, A policyowner has _____ days after policy delivery to return a major medical policy for a full refund, make any transactions before being approved for a licence, counsels and advises the Governor on all matters assigned to the Maryland Insurance Administration, A Maryland insurance producer solicits an insurance policy. The policy's effective date is earlier than the present, A Renewable Term Life insurance policy can be renewed, At a predetermined date or age, regardless of the insured's health, A producer's secretary who solicits prospects on the telephone. Healthinsurance will typically cover which of the following perils? The prescription of a drug for treatments other than what's labeled is known as _____ use, Coverage for newborns under a health plan MUST include coverage for. The New Jersey Life and Health Insurance Guaranty Association is, Funded by assessments on member companies. Which of the followingunfair trade practices involves an agent who makes malicious statements aboutanother person's financial condition? Whichof these will have the highest monthly payout upon Annuitization? Life insurance policies will. a producers secretary who solicits prospects on the telephone. A. Which of the following is true concerning the proceeds of a life insurance policy? Which of the following is NOT a federal requirement of a qualified plan? If the company debited Accounts Receivable and credited Sales for $600,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? A. A life insurance policy sold in Maryland can be cancelled for nonfraudulent misstatements for up to, A person who has a contract with an insurance company to represent it, To a licensed producer who is appointed with the insurer. What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? The Federal Employees Benefit Program consists of two types of health plans for federal civilian employees. A medicare supplement plan can be canceled by the insurer, Small employers who are sponsored by an insurer to provide group benefits to its employees are called, Health insurance involves two perils, accident and _____. Please sign in to share these flashcards. Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? A policyowner suffers an injury that renders him incapable of performing one or more important job duties. she may need to resume premium payments, depending on actual results, Kiara filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of non guaranteed values. Elizabethis the beneficiary of a life insurance policy. As beneficiary, he will pay ____ taxes on any money withdrawn. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. A long-term care policy typically provides all of the following levels of care EXCEPT, A life insurance policy that has premiums fully paid up within a stated time period is called, A securities license is required for a life insurance producer to sell, In contrast to a guaranteed renewable policy, a noncancellable policy. Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. Because dividends are considered to be a return of premium. In the event of employment termination, group health insurance can be kept if the employee pays the premiums, B. Recieve a tax credit to help offset the cost of health insurance, C. Remain of their current coverage for 30 months. Cram has partnered with the National Tutoring Association, Comparing Health Insurance Rates And Suppliers. A licensee MUST notify the Commissioner of an address change within _______ days of the change, Violations of US Code Title 18 section 1033 may result in, In the state of Maryland, a licensed producer, sharing commissions with other licensed and appointed agents, All of the following actions are considered rebating EXCEPT, Under the Maryland Health Insurance Plan, comprehensive health benefits are provided to, A producer who knowingly submits a false statement in support of a claim. If an insurer refuses to pay a claim, how many days must the insured wait to take legal action against a health insurer after submitting written proof of loss? This type of agreement is called an. Which of these may NOT be used in a health insurance advertisement? Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. Annuities are intended to create an estate. . Which of the following would be considered a "dependent child"? Unit 4 Assign Rubric Impact of Colonial Experience (2).pdf, 0B1FC21B-547A-410E-8D8F-64E2A8C35084.jpeg, My Path Assessment Editor _ WorldQuant University.pdf, Oral liquid 50 microgramsml Tablet 625 micrograms 250 micrograms epinephrine, spirit its source is what constitutes religion This can be traced to the, Write in a brief description for the bubbles with underlined words 2 Choose a, BUS 1021 Organizational Behavior (OB) Consulting Assignment.edited11.docx, lOMoARcPSD11771818 True or False The above plot shows clear evidence that the, 2 Non tariff barriers which are further classified into two categories a, CTS115 - Chapter 5 - Case Study - Denial of Service -Moss.docx, The fallacy described as a red herring is most similar to a False cause b, Copy of Algebra Unit 2, Concepts 1, 2, 3.pdf, The model is used to describe the interaction of external forces that affect an, EVM Presentation - Project Management .pptx, What is the shape usually used to refer to the curve that illustrates. Under a life insurance policy, what does the insuring clause state? Which of the following actions by a producer would NOT result in a license suspension or revocation? (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) A type of group that has a constitution and bylaws andhas been organized for purposes other than obtaining insurance is called awhat? A silver level medical plan is what percent the insurance company pays for the employee and the other percent is what the employee pays out of pocket (Unders Insurance companies look at a number of factors when it comes to setting premiums for a particular company. Employee must be able to make unlimited contributions. Paul has a (n), Failingto Promptly provide a reasonable explanation for the denial of a claim is conservedto be a(n), AnHMO that involves a partnership of physicians and other providers who practiceout of a central facility is called a(n), Smallemployers who are spooned by an insurer to provider group benefits to itsemployees are called. B. Advertising material for a life insurance policy does NOT need to contain which of the following? May 2020. The policies continue in force with no change. Proof of loss on a health insurance claim must be submitted to an insurer within _____ days after the insure's date of loss. The rider is called a(n), All if these are valid options for an adjustable life policy except, A non forfeiture option can be used to increase the death benefit. EXCEPT for fraud, the time after issuance of a policy during which an insurance company may contest a health insurance claim due to the statements on an application is, All of the following are core benefits of Medicare Supplement Plan A EXCEPT, Deductible payments for the first 60 days of hospitalization under Medicare hospitalization under Medicare hospitalization insurance, Statements made by an insurance applicant on an application are considered to be. A life insurance policyowner is allowed ____ days upon policy delivery to return the policy for a full premium refund, A producer's license MUST be renewed every _______ years, Collecting a charge for insurance that is less than the charge applicable to that insurance. The Healthcare Insurance Exchange offers plans for everyone. June 5, 2022 . Whatdoes the word Level in level term describe? Claims for a Long-Term Care policy MUST be paid for which of the following conditions? A. Atourist traveling abroad on a major airline carrier, B. Anindividual who has a hobby racing cars once a month, C. Anairline pilot who flies for a commercial carrier, B. AnIndividual who has a hobby racing cars once a month. A life policy loan in Maryland cannot charge a fixed rate of interest higher than: A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting, d.) Is not required to be licensed as a producer. Its balance sheet for this year is as follows: EndingBeginningBalanceBalanceCashandcashequivalents$48,000$57,000Accountsreceivable41,00044,000Inventory55,00050,000Totalcurrentassets144,000151,000Property,plant,andequipment150,000140,000Lessaccumulateddepreciation50,00035,000Netproperty,plant,andequipment100,000105,000Totalassets$244,000$256,000Accountspayable$32,000$57,000Incometaxespayable25,00028,000Bondspayable60,00050,000Commonstock70,00060,000Ratainedearnings57,00061,000Totalliabilitiesandstockholdersequity$244,000$256,000\begin{array}{l c c} Which of the following is not a reason for the Commissioner to deny or refuse a producer license application? Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? Doctor cannot charge more than Medicare's scheduled coverage, Health insurance advertisements that mention statistical information are required by New Jersey law to. One of. A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. Which of these is likely to occur when life or health insurance is being applied for? How much does Medicare Part B pay forphysician fees? Introducing Cram Folders! An individual can enroll in a Part C Medicare Advantage Plan at what time? The face amount and the premium will remain constant over the 10-year period. In this situation, who will receive Bob's policy proceeds? B.) What amount will be paid under a policy where the insured misstated his/her age? c. Travel accidental insurance premiums. by . The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. Pay for Medicare charges exceeding the approvedamount. Both partners are still married at the time of Bob's death. AMaryland insurance producer solicits an insurance policy. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? The renewability provision for an individual long-term care insurance policy must be located on the policy form's, The ______________________ must be notified of a licensee's address change within 30 days of such change, Producers must complete a total of _______ Continuing Education hours for each two-year licensing period, A Medicare Supplement policy may exclude coverage for a preexisting condition for up to ____ months. 1. A. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? a producers secretary who solicits prospects on the telephone. Please upgrade to Cram Premium to create hundreds of folders! How soon can the benefit payments begin with a deferred annuity? Premium mode is a term used to describe the, A newborn is required to be covered for _____ days from the moment of birth, A clause that allows an insurer the right to terminate coverage at any anniversary date is called. An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. Which of these will typically authorize treatment from a specialist? Which of the following is CORRECT regarding the death benefit amount. D. Licensedproducers not appointed by an insurer. Hill during her initial calls made to the call center. Add to folder \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ Kathy pays a monthly premium on her health insurance policy. Which of these statements about Medicaid iscorrect? MedicarePart A does not pay for medical benefits provided for treatment in a skillednursing facility beyond. Producers must complete a total of ____ continuing education credits for each two-year licensing period. In accordance with New Jersey law, a Producer must remit health insurance premiums to the insurer within what period? \quad \text{Less accumulated depreciation} & \underline{\hspace{13pt}50,000} & \underline{\hspace{13pt}35,000} \\ To be classified as a small employer, an employer must NOT have more than _________ eligible employees, The _______ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant, During the examination of an insurer's books and records by the Commissioner, the insurer, remain in effect until a new one is issued, John the insurance producer has an insurance license that expires in 6 months. An applicant's character and personal habits can be obtained for underwriting purposes from which source? What types of life insurance are normally usedfor key employee indemnification? C. Protects consumers with guidelines regarding creditreporting and distribution. A producer may begin to solicit insurance ONLY. C.) Unintentionally misrepresented a material fact on the application. A provision in a whole life policy that allows a policy owner to terminate the policy in return for a reduced paid-up policy of the same type is called, A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called. 2.1.1 6 Whole life Insurance in Malaysia Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: What is the contract called that is issued to an employer for a Group Medical Insurance plan? Assist in the underwriting of insurance policies. The right-to-examine period in Maryland for long-Term Care polices is ___ days. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ All Medicare Supplement policies MUST contain which provision? a producers secretary who solicits prospects on the telephone. In order for the producer's insurance business to continue, the Commissioner may issue to the producer's spouse a has a mental or physical handicap and remains dependent on the parent A dependent child may remain on a parent's health insurance plan beyond age 26 if the child 60 A _______ negotiates an insurance contract on behalf of an insurer, The Entire Contract provision states that an entire contract consists of the actual policy and the, the last day of the licensee's birth month (every two years), A producer's renewal date for his/her resident insurance license is on or before. \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ At minimum, a carrier is required to offer which of the following health benefit plans to small employers? We understand that this must have been both very frustrating and disappointing. To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. Providing claim payments to insureds under the guidelines of the insurance contract. Who is the individual paid on a fee-for-service basis? Pat is insured with a life insurance policy and Karen is his primary beneficiary. How long after its effective date will an individual life insurance policy become incontestable? If she dies 15 years after the policy's inception date, how much will her beneficiary receive? In the event of employment termination, group insurance can be kept if the employee pays the premiums. Actively solicits increases in limits and/or coverages or rounding out accounts through sales to clients at every service contact. Term, Whole, and universal life insurance, C. Joint, credit, and group life insurance. Which of the following MUST contain a "Statement of Policy Cost and Benefit Information"? Which of the following is NOT part of an insurance contract? What kind of insurance provides coverage for one or more necessary or appropriate diagnostic, preventative, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital? What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? Course Hero is not sponsored or endorsed by any college or university. An insurer may pay a commission in which of the following scenarios? the daily amount paid for nursing home care, All long-term care policies sold in North Dakota are REQUIRED to pay the SAME daily benefit amount for "at home" care as paid for.
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